Enovix Declares New Warrant Dividend
Key Highlights
- ➤$3.00 warrants distributed one-for-four to stockholders and convertible-note holders
- ➤$100 million of 2030 Notes repurchased for approximately $63.1 million
- ➤2028 Notes may fund warrant exercises, retiring debt without cash repayment
- ➤Q3’26 preliminary revenue $11.0 million, up 38% year over year
- ➤$19 million investment will double South Korea drone battery capacity
Expert Statements
Ryan Benton, Interim CEO of Enovix
“Our plan is to turn our current customer opportunities into revenue and to simultaneously reduce our cost structure. A stronger balance sheet makes both easier.”
Ryan Benton, Interim CEO of Enovix
“We have just retired $100 million of our 2030 Notes at roughly $37 million below par that will create an equivalent benefit to profit before tax. Today’s warrant dividend extends that work to the 2028 Notes by retiring that debt without spending cash. Stockholders and holders of the 2028 Notes and 2030 Notes will receive a no-cost, tradable warrant and be given the choice to exercise, hold or sell it.”
T.J. Rodgers, Executive Chairman of Enovix
“As I wrote to shareholders last year, the first point about a warrant dividend is counterintuitive: it is non-dilutive, because it is neutral to percent ownership. Every shareholder gets the same one-for-four deal. The no-cost warrants trade on Nasdaq, so every holder has a simple choice to make – sell, hold, or exercise them. This offering adds one new feature to the 2026 warrant dividend. A holder of our 2028 Notes can pay the exercise price with those notes at face value, so every warrant exercised with 2028 Notes retires debt dollar-for-dollar without Enovix spending a dollar of cash. Our 2025 one-sentence summary still holds: a warrant dividend rewards shareholders directly for supporting us.”
FREMONT, Calif., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation ("Enovix" or the "Company," Nasdaq: ENVX), a developer and manufacturer of advanced lithium-ion batteries, today announced that its Board of Directors has declared a special dividend of warrants to holders of the Company’s common stock as of the close of business on November 13, 2026 (the “Record Date”). Stockholders will receive one (1) warrant for every four (4) shares of common stock held, rounded down to the nearest whole warrant. In addition, holders of the Company’s 3.00% Convertible Senior Notes due 2028 (the “2028 Notes”) and 4.75% Convertible Senior Notes due 2030 (the “2030 Notes”) as of the Record Date will receive warrants on a pass-through basis, as provided under the applicable indentures, preserving proportionate ownership across the Company’s fully-diluted share base.
Each warrant will entitle the holder to purchase one (1) share of common stock at an initial cash exercise price of $3.00. Holders may pay the exercise price in cash or by delivering the 2028 Notes at face value, subject to the terms of the warrant agreement. The 2030 Notes may not be delivered to exercise the warrants.
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